XRP News Today: Canary ETF Debut Sets Stage for Market Shift

XRP takes center stage on Thursday, November 13, as Canary Fund’s XRP-spot ETF gets the green light to begin trading. The US government shutdown had delayed XRP-spot ETF launches in October, pushing the token from $2.848 to the $2 psychological support level.

After bullish inflow projections, the first pure US XRP-spot ETF will be a litmus test for institutional demand. Strong institutional demand would likely send XRP to new highs, mirroring the effect of the BTC-spot and ETH-spot ETF flows on BTC and ETH price trends.

BTC and ETH climbed to all-time highs of $125,761 and $4,958 on strong institutional demand through spot ETFs.

Nasdaq Gives Canary XRP ETF Greenlight

The Nasdaq exchange approved Canary Funds’ XRP ETF 8-A, setting the stage for a historic Thursday, November 13, session. The Canary XRP ETF (XRPC) will be the first US product to offer investors pure exposure to XRP.

CryptoAmerica host and journalist Eleanor Terrett shared the Nasdaq approval, stating:

“As of 5:30 PM ET, Canary Funds’ XRP ETF is officially effective after Nasdaq certified its listing, clearing XRPC for launch tomorrow at market open.”

Terrett shared a statement from Canary Funds CEO Steven McClurg, who reportedly stated:

“We are very excited to go effective with the first single-token spot XRP ETF. This would not have been possible without the leadership of Chairman Atkins, Commissioner Peirce, and all the other fine people at the SEC who are pro-free markets!”

Canary Funds, Bitwise, Franklin Templeton, and 21Shares filed amended S-1s to allow the launch of spot ETFs during the US government shutdown. The ETF issuers removed ‘delaying amendment’ language, allowing trading to commence after a 20-day waiting period. Bitwise will be the next XRP-spot ETF to launch, with Franklin Templeton and 21Shares’ spot ETFs to follow.

US Regulatory Landscape Shift Sends Bullish Signals

Thursday’s launch will underscore the seismic shift in the SEC’s stance on crypto. Since President Trump’s 2025 inauguration and former SEC Chair Gary Gensler’s resignation, the SEC dropped its appeal, challenging Judge Torres’ July 2023 Programmatic Sales of XRP ruling. Judge Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test. The decision and the SEC’s appeal withdrawal paved the way for an XRP-spot ETF.

NovaDius Wealth Management President Nate Geraci commented on the change in the crypto regulatory landscape, stating:

“Just over one year ago, SEC was appealing court decision that xrp did not meet legal definition of a security… On Thursday, looks like first ’33 Act spot xrp ETF will launch. Hard to describe crypto regulatory shift over past year. Night & day.”

Technical Outlook: Key XRP Price Levels

XRP slipped 0.2% on Wednesday, November 12, following the previous day’s 5.24% loss, closing at $2.3872. The token outperformed the broader crypto market, which declined 0.93%.

Tuesday’s loss left XRP trading below the 50-day and 200-day Exponential Moving Averages (EMAs), indicating a bearish bias.

However, several events may induce a trend reversal, potentially sending XRP above $3.

Key technical levels to watch include:

• Support levels: $2.35, $2.2, $2.0, and $1.9.
• 50-day EMA resistance: $2.5455.
• 200-day EMA resistance: $2.5793.
• Resistance levels: $2.5, $2.62, $2.8, $3.0, and $3.66.

Catalysts to Watch in the Sessions Ahead

In the near term, several key scenarios could influence price trends:

• US House vote on funding bill.
• XRP-spot ETFs (delays or launches) and BlackRock’s position on an iShares XRP Trust.
• Blue-chip companies’ views on XRP as a treasury reserve asset.
• Regulatory milestones: Ripple’s application for a US-chartered bank license, the Market Structure Bill.
• SWIFT-related developments.

Bearish Scenario: Risks Below $2.35

• BlackRock downplays plans for an XRP-spot ETF.
• The US House fails to approve a funding bill, delaying launches for XRP-spot ETFs without amended S-1 filings.
• The US Senate opposes crypto-friendly legislation, including the Market Structure Bill.
• Blue-chip companies dismiss XRP as a treasury reserve asset.
• OCC delays or rejects Ripple’s US-chartered bank license.
• SWIFT maintains its market share in the global remittance sector, limiting Ripple’s market access.

These bearish events could push XRP toward $2.35, exposing the $2.2 support level. If breached, the lower trendline would be the next key support level.

The descending channel showed failed attempts to break above the upper trendline in early October. The failed breakouts resulted in lower highs and lower lows, a bearish indicator. Buyer appetite at the lower trendline remains key; a drop below the lower trendline could bring the $2 psychological support into play. See the chart below for reference.

Bullish Scenario: Path to $3 Remains Challenging

• The US House passes the funding bill to reopen the government.
• BlackRock files an S-1 for an iShares XRP Trust and XRP-spot ETFs launch.
• Blue-chip companies boost XRP holdings for treasury reserve purposes, and Main Street firms adopt Ripple technology.
• Ripple secures a US-chartered bank license, and the US Senate passes the Market Structure Bill.

A breakout above the $2.5 resistance level could pave the way toward the 50-day and 200-day EMAs. A sustained move through the EMAs would enable the bulls to target the $2.62 resistance level, with the upper trendline the next key resistance level.

Outlook: Near-Term Structure Turning Bullish

Despite Wednesday’s loss, the XRP-spot ETF launch will likely boost sentiment, potentially sending XRP toward its all-time high of $3.66 (Binance exchange).

However, the Market Structure Bill’s progress on Capitol Hill and the House vote on reopening the government will also influence the short-term price outlook.

XRP’s short-term path hinges on demand for XRP-spot ETFs. Meanwhile, US economic data and the Fed’s policy stance will also move the dial amid shifting expectations for a December rate cut.

The next 24 hours will decide whether XRP finally breaks free from Bitcoin’s shadow.